In a sign that U.S. energy producers think oil and gas prices will languish through next year, several are slashing their already slimmed-down budgets even more. ConocoPhillips plans to cut Continue Reading
A powerful storm system that tore across parts of the South and Midwest claimed lives and destroyed homes and businesses just as final preparations for Christmas celebrations were under way. Continue Reading
One of the seemingly easiest ways to expand California’s water supply would be to raise the height of the 602-foot Shasta Dam by 18.5 feet, adding the equivalent of another Continue Reading
US banks face the prospect of tougher stress tests next year because of their exposure to oil in a sign of how the falling price of crude is transforming the Continue Reading
Natural-gas prices rallied Thursday, ending a shortened week with the biggest gain in nearly two years, as traders were buoyed by colder weather forecasts and a larger-than-expected inventory withdrawal in Continue Reading
U.S. crude prices rose for a fourth straight session on Thursday, headed for a 9 percent weekly gain in the lead-up to Christmas as the market tightened on the back Continue Reading
U.S. oil prices rallied to a two-week high Wednesday after government data showed an unexpectedly large decline in U.S. stockpiles, a rare reprieve from the flood of oil that had Continue Reading
Crude Oil Shows Signs of Recovery The Grinch nearly stole Christmas in the oil patch this year. Thanks to the lowest crude and natural gas prices in more than a Continue Reading
At the tail end of 2008, the last time oil prices traded at $35 a barrel, some vacationing oil traders missed out on an abrupt $16 surge that helped define Continue Reading
Oil production from inland shale basins in the United States is expected to be more robust than previously thought, OPEC said in its global outlook. The Organization of Petroleum Exporting Continue Reading
The Organisation of the Petroleum Exporting Countries has lowered its long-term estimates for oil demand but says $10tn of investment will still be needed between now and 2040 to cover Continue Reading
Oil prices will take decades to recover and will still not reach the peak seen in recent years, according to the latest World Oil Outlook (WOO) from OPEC. In the Continue Reading
Global demand for OPEC’s crude will be lower in 2020 than next year as supply from rivals proves more resilient than expected, potentially fuelling a debate on the merits of Continue Reading
Ahead of an expected lifting of sanctions, several U.S. corporate giants including personal-computer seller HP Inc. HPQ 0.77 % and General Electric Inc.’s oil-services unit are actively exploring a market Continue Reading
Tensions mounted between Iran and the United States on Wednesday over a new American law that limits visa-free travel, which the Iranians regard as a sanction and a violation of Continue Reading
Financial planners in Iran need to be prepared for crude oil prices moving potentially below $30 per barrel, the Iranian minister of the economy said. Minister Ali Tayyebnia described the Continue Reading
Iranian Foreign Minister Mohammad Javad Zarif said on Wednesday a new U.S. law putting visa restrictions on Iranians and those who had visited Iran would, if implemented, breach a nuclear Continue Reading
Saudi stocks declined after a speech by the king stoked speculation the Arab world’s biggest economy will probably cut spending next year as the plunge in oil prices pressures the Continue Reading
The drastic slide in global crude prices is expected to force Saudi Arabia, the world’s leading oil exporter, to slash spending and cut back on the billions of dollars it Continue Reading
The National Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, yesterday said the eventual removal of fuel subsidy is inevitable. He said the gradual removal of subsidy is Continue Reading
Petroleos Mexicanos hopes to start 2016 with a plan to become leaner and more efficient. The state-owned oil producer is set to announce job cuts for next year as part Continue Reading
China’s central bank said it would extend the yuan’s trading hours in the mainland market starting next month, in a much-anticipated move aimed at increasing the Chinese currency’s global appeal. Continue Reading
China will cut payments to wind and solar electricity generators for contributing power to the grid, the country’s state planning commission said on Thursday, reflecting recent declines in operating costs. Continue Reading
It took years to lift a ban on most U.S. oil exports. It took a week for the first shipment to be announced. Enterprise Products Partners LP will load 600,000 Continue Reading
Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by nine this week to 700. The Houston firm Continue Reading
The natural gas drilling frenzy is grinding to a halt, as the industry struggles with excess supply. Natural gas prices have plunged to their lowest levels in more than a Continue Reading
U.S. energy firms this week cut oil rigs for a fifth week in the last six, data showed on Wednesday, a sign drillers were still waiting for higher prices before Continue Reading
Traffic on the U.S. rail network continues to weaken in a sign of the slowdown spreading across the industrial economy and efforts by firms to reverse the unplanned build up Continue Reading
Colorado cities with the potential to host hydraulic fracturing campaigns could lose up to $1 million in tax revenue if bans are enforced, analysis finds. The Colorado Supreme Court heard Continue Reading
HONG KONG—As El Niño reaches its peak this winter, investors are already bracing for its sister climate phenomenon, La Niña, to be next to upend weather patterns and potentially wreak Continue Reading
While most of the country gets a Christmas present of gasoline near $2 a gallon, Los Angeles drivers are getting coal in their stockings. Pump prices in the U.S.’s second-biggest Continue Reading
After two years of falling prices, the effects have reverberated across the globe, fueling economic discontent in Venezuela, changing Russia’s economic and political calculations, and dampening Iranian leaders’ hopes of Continue Reading
Oil output in Russia is expected to rise to a new post-Soviet high in 2016 despite a steep decline in prices as new fields come online and producers enjoy lower Continue Reading
Russian Energy Minister Alexander Novak said the United States’ decision to lift a ban on oil exports should not affect the global oil market. “This should not affect the market, Continue Reading
Oil prices edged up on Wednesday after an unexpected fall in U.S. crude inventories but remained not far above 11-year lows as supplies remain abundant and as OPEC lowered the Continue Reading
Prices of the world’s two main oil benchmarks became equal on Tuesday, reflecting different paths for crude supplied from the US and elsewhere. At midday in New York, Nymex February Continue Reading
The oil market recovered slightly on Tuesday after a volatile start to the week when global benchmark Brent touched lows not seen since 2004 and West Texas Intermediate sank below Continue Reading
Crude Oil Heads for a Second Annual Loss Oil speculators are buying options contracts that will only pay out if crude drops to as low as $15 a barrel next Continue Reading
Kazakhstan’s $55 billion sovereign-wealth fund helped pull the country through the global financial crisis and offered funding for the country’s bid to host the 2022 Winter Olympics. But the collapse Continue Reading
Some traders anticipating a rebound in oil are making an indirect bet: wagering on energy companies and the currencies of oil-producing nations instead of the commodity itself. Their approach is Continue Reading
Report predicts that Iranian exports will ramp up when international sanctions are lifted Another major global forecast has suggested that the oil price has a lot further to fall yet Continue Reading
At least 200 civilians have been killed in Russian air strikes in Syria, an Amnesty International report says, quoting witnesses and activists. It says it “researched remotely” more than 25 Continue Reading
Crude Outlook: What’s in Store for Oil in 2016? If oil’s slump to an 11-year low stung traders, it’s just a taste of the hardship felt by the industry. Brent’s Continue Reading
OPEC said demand for its crude will slide to 2020, though less steeply than previously expected, as rival supplies continue to grow. The organization will need to pump 30.7 million Continue Reading
OPEC on Wednesday predicted oil prices wouldrebound,butthe cartel said it expects to reduce its own production in the coming years. The report comes after global oil pricesthis week fell to Continue Reading
Oman’s Shura Council voted to hike corporate taxes as the Middle East’s largest oil producer outside of OPEC faces another year of shrinking government revenue. The elected advisory body voted Continue Reading
A caustic slogan is doing the rounds on social networks in the Gulf states this festive season: “All I want for Christmas is for oil prices to go up.” Gloom Continue Reading
The United States on Tuesday sponsored a United Nations Security Council session intended to draw attention to the dire consequences of the war in Yemen , but the meeting also Continue Reading
Nigerian President Muhammadu Buhari hinted for the first time that he would accept a devaluation of the naira, spurring speculation it may take place early next year when the local Continue Reading
The federal government has blamed the lingering fuel scarcity on the poor management of the subsidy regime by the administration of former President Goodluck Jonathan. Information and Culture Lai Muhammed, Continue Reading
